On August 20, 2026, the day after the listing of Yushu Technology, known as the “first stock of humanoid robots” in China, the stock price dropped by 18.70%, with a total market value falling below 280 billion yuan. Compared to the market value of 444.9 billion yuan on the opening day of its listing, over 160 billion yuan evaporated.
Yushu Technology opened on August 20 with a 6.51% drop, at 790.0 yuan per share, subsequently falling below the 800 yuan and 700 yuan levels. By the end of the trading day, the stock price fell by 18.7% to close at 687 yuan per share, with a turnover of 90.7 billion yuan, a total market value of 277.9 billion yuan, and a price-earnings ratio of 476 times.
According to the Economic Observer, Gu Shou, an analyst at Guoxin Securities, pointed out that the implied core assumption of a P/E ratio of 219 times is that the company needs to achieve growth far exceeding the industry average in the coming years to justify its current valuation.
Yushu Technology mainly focuses on the research, development, production, and sales of high-performance general humanoid robots, quadruped robots, robot components, and embodied intelligent models.
A founding partner of a venture capital firm specializing in embodied intelligent robot technology believes that there is still significant uncertainty about whether embodied intelligence can generate significant economic benefits in the foreseeable future, and how specific application scenarios will be realized. From an investment perspective, this field has clearly surpassed mere considerations of commercial returns and is deeply tied to national strategic objectives.
Renowned economist Pan Helin pointed out that while the humanoid robot sector seems to be overheated, there are notable uncertainties at the industry’s core level. As the initial market hype subsides, the capital market returns to rationality, issues such as the weak commercialization traction and inadequate scenario suitability will become the core challenges that Yushu Technology and the entire humanoid robot sector will need to face in the long term.
On August 20, the topic labeled “Yushu Plummet” surged to the top trending topic on Weibo.
Digital blogger and Weibo influencer “TechNut” said, “The trend of Yushu is too typical! It surged directly on the first day, opening at the highest point of the day, and immediately plummeted on the second day, indicating that the high level could not sustain.”
“Nowadays, robots are more for show than practical value creation. At this stage, they can only rely on storytelling for speculation. The marketing efforts before the listing doubled the opening price in the grey market.”
Tech blogger and Weibo influencer “FamousZhang” commented, “The first day saw a sharp rise, but the opening price was the highest price, indicating a lack of market support. The subsequent sharp drop on the second day further confirmed this point.”
“Robots currently prioritize performance over actual utility, but human expectations for robots are to enhance productivity. Until this is validated, robots are essentially only speculative. Since it is speculation, it relies on concepts and PR. The several PR attempts before Yushu Technology’s listing achieved this purpose and effectively doubled the opening price in the grey market.”
“However, ultimately, technology companies will be assessed based on their technical capabilities. Yushu Technology’s previous inadequate research and development investment, if not significantly improved in the future, will make it difficult for the market to continue buying.”
Independent commentator “Old Xu’s Commentary” said, “I truly admire those who bought in at the opening price yesterday. Will they be able to break even in this lifetime? I guess many funds have ended up holding the bag. For friends with funds, check your fund’s holdings. If you bought this stock at a high point, it’s best to redeem it as soon as possible.”
On August 19, Yushu Technology debuted on the Shanghai Stock Exchange’s Sci-Tech Innovation Board at 1,100 yuan, a staggering 629.44% surge from the issue price of 150.80 yuan. The total market value soared to 444.9 billion yuan at one point. However, the stock price quickly retreated from its peak after opening, trading in a volatile manner and closed at 845 yuan, with a gain narrowing to 460.34%, and a total market value of 341.8 billion yuan. The total turnover for the day reached 24.5 billion yuan, with a turnover rate of 85.28%.
Industry analysts noted that Yushu’s turnover rate of 85.28% showed a clear differentiation between institutional fund outflow and retail investors picking up shares, indicating a disparity in the market’s valuation of Yushu Technology. Some investors expressed they were “completely taken aback.”